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10/16/2013

McAuliffe releases 2012 tax summary

Terry McAuliffe, the Democratic nominee for Governor of Virginia released the first two pages of his 2012 tax return on Wednesday.

The return includes how much money the former DNC Chairman made in 2012, how much he claimed in deductions and how much he paid in taxes. NBC12 was given a copy of the summary to review, but agreed to not publish or share the actual document.

It doesn't however reveal where his earnings in 2012 came from specifically.

McAuliffe brought in a total of just over $9.5 million. He claimed deductions of more than $1 million and paid taxes on roughly $8.3 million.

His total tax rate came in at 33%.

The bulk of McAuliffe's earnings comes from "business income", a total of $6.1 million. He also earned more than $2.1 million in capital gains profits and more than $444 thousand in real estate.

The former DNC Chair earned $417,191 in wages, but exactly where those wages are from are not clear from the summary. However, on McAuliffe's statement of economic interest, the only company he lists as receiving an income from is GreenTech Automotive. GreenTech is the controversial electric car company that McAuliffe founded. The Cuccinelli campaign has repeatedly attacked the candidate for his role in the company and its affiliates. There are two separate federal investigations into GreenTech and its related companies.

The McAuliffe campaign has been dogged by Republicans who have asked for complete tax returns from a number of years. Their candidate Attorney General Ken Cuccinelli provided reporters eight years of full tax returns and argued that McAuliffe should be held to the same standard that he held the GOP nominee for president Mitt Romney to in the 2012 campaign.

McAuliffe has resisted that call and continued to do so as the time leading up to the vote begins to slip away.

"Terry
is continuing to go above and beyond Virginia's requirements and traditions," said spokesman Josh Schwerin. "In contrast, Ken Cuccinelli failed to disclose his gifts and stock
holdings in Star Scientific even while his office was supposed to be pursing
them for unpaid taxes."

Republicans, not surprisingly, are not impressed. They accused McAuliffe of hiding key aspects of his financial history that would be of interest to voters.

"This is not going to cut it," said Cuccinelli spokesman Richard Cullen. "By sharing two
pages of wholly inadequate summaries with a few reporters, McAuliffe is once
again insulting the intelligence of Virginians and showing that he is unwilling
to come clean with the people he aspires to lead."

Cullen argued that the GOP call is especially urgent, given the new revelation that McAuliffe was investor in a scheme that sent a Rhode Island businessman to jail.